U.S. Representative Brady Hopes to Have New Tax Bill by August

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U.S. Representative Brady Hopes to Have New Tax Bill by August

“House Ways and Means Chairman Kevin Brady (R-TX) said May 29 he hopes to have a new tax bill introduced by the time Congress leaves for its August recess.

Brady and other GOP leaders have been talking about a potential “Tax Cut 2.0” that will largely focus on making the new lower individual rates from the Tax Cuts and Jobs Act permanent. Brady may also seek to extend full expensing for businesses. The tax law passed last year permits businesses to fully expense new and used capital investments for five years.”

ANCOR is monitoring overall tax policy discussions to see if interest emerges in creating budget offsets to reduce the cost of the tax bill by cutting other federal programs. However, discussions of new tax bills have not included any public consideration of pay-for measures. ANCOR will keep members informed of whether there is a need for action.